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The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 Prepare...

The following are transactions of Samantha Payapag Advertising Company for the month of July 2013

Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet

July 3 Samantha Payapag invested 500,000 in the business.

July 5 Bought for cash, advertising supplies costing 80,000. Paid rental of the office, 7,300

July 9 Bought delivery truck from MJ Idos Trading, 350,000 on credit

July 12 Received 43,000 cash as advertising income

July 13 Bought furniture & fixtures, 32,000 in cash

July 17 Took 3,200 cash for personal purposes

July 18 Billed Bernalyn Galvez for the advertising service rendered to promote her product to the market, 10,000

July 23 Paid salaries of the employees, 15,000. Billed Zaldy Co. for the advertising service rendered, 4,000

July 24 Collected 1/2 of the amount Bernalyn Galvez owed to the company

July 26 Purchased another truck amounting to 120,000 from Edwina Motor, Inc. on credit

July 27 Paid MJ Idos Trading 230,000 as partial settlement of the account

July 30 Paid utility expense for the month

Solutions

Expert Solution

03.07.2013 CASH 500000
TO CAPITAL 500000
05.07.2013 ADVERTISING SUPPLIES 80000
RENT 7300
TO CASH 87300
09.07.2013 TRUCK 350000
TO MJ IDOS 350000
12.07.2013 CASH 43000
TO ADVERTISING INCOME 43000
13.07.2013 FURNITURE 32000
TO CASH 32000
17.07.2013 DRAWINGS 3200
TO CASH 3200
18.07.2013 BERNALYN GALVEZ 10000
TO ADVERTISING INCOME 10000
23.07.2013 SALARIES 15000
TO CASH 15000
23.07.2013 ZALDY CO 4000
TO ADVERTISING INCOME 4000
24.07.2013 CASH 5000
TO BERNALYN GALVEZ 5000
26.07.2013 TRUCK 120000
TO EDWINA MOTOR INC 120000
27.07.2013 MJ IDOS 230000
TO CASH 230000
CAPITAL ACCOUNT
31.07.2020 TO CLOSING BALANCE 500000 03.07.2020 BY CASH 500000
500000 500000
MJ IDOS
27.07.2013 TO CASH 230000 09.07.2013 BY TRUCK 350000
31.07.2013 TO CLOSING BALANCE 120000
350000 350000
EDWINA MOTOR INC
31.07.2013 TO CLOSING BALANCE 120000 26.07.2013 BY TRUCK 120000
120000 120000
TRUCK
09.07.2013 TO MJ IDOS 350000 31.07.2013 BY CLOSING BALANCE 470000
26.07.2013 TO EDWINA MOTOR INC 120000
470000 470000
EDWINA MOTOR INC
18.07.2013 TO ADVERTISING INCOME 10000 24.07.2013 BY CASH 5000
31.07.2013 BY CLOSING BALANCE 5000
10000 10000
ZALDY CO
23.07.2013 TO ADVERTISING INCOME 4000 31.07.2013 BY CLOSING BALANCE 4000
4000 4000
SALARIES
23.07.2013 TO CASH 15000 31.07.2013 BY CLOSING BALANCE 15000
15000 15000
ADVERTISING SUPPLIES
05.07.2013 TO CASH 80000 31.07.2013 BY CLOSING BALANCE 80000
80000 80000
RENT
05.07.2013 TO CASH 7300 31.07.2013 BY CLOSING BALANCE 7300
7300 7300
ADVERTISING INCOME
31.07.2013 TO CLOSING BALANCE 57000 12.07.2013 BY CASH 43000
18.07.2013 BERNALYN GALVEZ 10000
23.07.2013 ZALDY CO 4000
57000 57000
FURNITURE
13.07.2013 TO CASH 32000 31.07.2013 BY CLOSING BALANCE 32000
32000 32000
DRAWINGS
17.07.2013 TO CASH 3200 31.07.2013 BY CLOSING BALANCE 3200
3200 3200
CASH
03.07.2013 TO CAPITAL 500000 05.07.2013 BY ADVERTISING SUPPLIES 80000
12.07.2013 TO ADVERTISING INCOME 43000 05.07.2013 BY OFFICE RENT 7300
24.07.2013 TO BERNALYN GALVEZ 5000 13.07.2013 BY FURNITURE 32000
17.07.2013 BY DRAWINGS 3200
23.07.2013 BY SALARIES 15000
27.07.2013 BY MJ IDOS 230000
31.07.2013 BY CLOSING BALANCE 180500
548000 548000
S.NO. PARTICULARS DEBIT CREDIT
1 CASH 180500
2 CAPITAL 500000
3 MJ IDOS 120000
4 EDWINA MOTORS INC 120000
5 BERNALYN GALVEZ 5000
6 ZALDY CO 4000
7 TRUCK 470000
8 FURNITURE 32000
9 DRAWINGS 3200
10 SALARIES 15000
11 RENT 7300
12 ADVERTISING SUPPLIES 80000
13 ADVERTISING INCOME 57000
TOTAL 797000 797000

INCOME STATEMENT

PARTICULARS AMOUNT
REVENUE
ADVERTISING INCOME 57000
TOTAL(A) 57000
EXPENSES
ADVERTISING SUPPLIES 80000
SALARIES 15000
RENT 7300
TOTAL (B) 102300
LOSS FOR THE PERIOD(A-B) 45300

FINANCIAL STATEMENT

LIABILITIES AMOUNT ASSETS AMOUNT
CAPITAL 500000 DRAWINGS 3200
MJ IDOS 120000 LOSS 45300
EDWINA MOTOR INC 120000 TRUCK 470000
FURNITURE 32000
CASH 180500
BERNALYN GALVEZ 5000
ZALDY CO 4000
740000 740000

ekkarill92 answered 6 months ago
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